The Superintendency of Banks of the Dominican Republic, together with the Dominican Association of Fintech Companies and the Financial Innovation Hub, held the country’s third open banking forum to examine the challenges and opportunities in implementing open banking. The event framed open banking as a model in which users can securely and in a regulated manner authorise third parties to access their banking data via application programming interfaces, with potential to support innovation, financial inclusion and economic development. Contributions to the forum stressed closing gaps in access to financial services, keeping the end consumer at the centre of open banking initiatives, and recognising that customer data belongs to the customer. Participants also highlighted the need for clear standards to enable interaction across market actors, a clear and attractive user value proposition, and a roadmap with defined stages, noting that regulation is necessary for open banking but not sufficient on its own. The forum brought together financial sector regulators and supervisors, financial intermediaries, banking associations and fintech firms, and closing remarks underscored the shared roles of traditional banks, fintechs and public authorities in making the model work through cooperation.
Superintencencia de Bancos de la Republica Dominicana 2025-09-23
Superintendency of Banks of the Dominican Republic convenes third open banking forum highlighting the need for standards and a phased roadmap
The Superintendency of Banks of the Dominican Republic, with the Dominican Association of Fintech Companies and the Financial Innovation Hub, hosted the third open banking forum to explore implementation challenges and opportunities. Discussions emphasized consumer-centric initiatives, clear standards for market interaction, and a defined roadmap, while underscoring the necessity of regulation alongside cooperation among banks, fintechs, and public authorities.